News & Analysis as of

UDAAP Mobile Apps

Holland & Knight LLP

CFPB's Overdraft Rule and Big Tech Payment Apps Rule Set for Repeal After Congressional Votes

Holland & Knight LLP on

Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions...more

Sheppard Mullin Richter & Hampton LLP

FTC Orders Fintech Company to Pay $17 Million for Allegedly Deceptive Subscription Practices

On March 27, the FTC announced that a fintech company offering cash advances through a mobile app has agreed to pay $17 million to resolve allegations that it violated the FTC Act and the Restore Online Shoppers’ Confidence...more

Troutman Pepper Locke

CFPB’s Office of Servicemember Affairs Issues Annual Report Highlighting Complaints Related to Payment App Fraud

Troutman Pepper Locke on

On June 20, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Office of Servicemember Affairs published its Annual Report analyzing complaints submitted by servicemembers, veterans, and their families in 2022. The...more

Sheppard Mullin Richter & Hampton LLP

Google’s Privacy “Data Safety” Form Is Now Available

Google Play’s “data safety form” is now live. Developers can now submit the form for early review and feedback. Starting in April 2022, Google will require this label and a privacy policy for all new and existing apps. This...more

Sheppard Mullin Richter & Hampton LLP

CFPB Opts Not to Take Action Against Banking App

Ahead of an upcoming merger between a digital banking platform and a special purpose acquisition company, both parties disclosed in a regulatory filing last week that the platform received a Civil Investigative Demand (“CID”)...more

Sheppard Mullin Richter & Hampton LLP

Time to Update Your Privacy Disclosure Creation Checklists? Google Will Add to Mobile Privacy Disclosure Requirements

Google recently announced that beginning next year it will require Android mobile apps to provide privacy disclosures. These disclosures will live in a new “safety section” in Google Play...more

Sheppard Mullin Richter & Hampton LLP

Apple Privacy Nutrition Labels Effective Starting Next Month

Apple has launched, in connection with other privacy changes in iOS 14, a requirement for privacy “nutrition labels.” The labels are required for new and existing apps, and are in addition to the existing requirement of...more

Morgan Lewis

Payment Apps – Watch Out for State Attorney General Enforcement

Morgan Lewis on

Payment apps and the legal and regulatory issues they present were front and center at a November 5 meeting of state attorneys general consumer protection leaders....more

Wilson Sonsini Goodrich & Rosati

Regulatory Landscape for Fintech, Electronic Commerce, and Electronic Banking: Part One

Part 1: Electronic Commerce - This is the first part of a two-part article discussing the regulatory landscape for financial technology as applied to electronic commerce and electronic banking. This article focuses on...more

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